An original bill to permit price differences with respect to credit card sales transactions.

Summary

Amends the Truth in Lending Act to prohibit issuers of credit cards from prohibiting a seller from charging different prices to induce a cardholder to pay by cash, check, or other means not involving the use of a credit card. Exempts differences in price offered by a seller from disclosure as a finance charge if the following requirements are met: (1) the price difference does not exceed five percent of the cash price of the property or service; (2) the same difference is available to all cash customers or is applicable to all credit card customers using the same card; and (3) the price difference is clearly and conspicuously disclosed at the seller's place of business and in any advertisement that includes a price. States that if such requirements are not met the entire difference is a finance charge. Declares that a card issuer other than the seller is not required to treat a price difference offered by the seller as a finance charge even though such requirements are not met. Provides that price differences that meet such requirements will not be a charge for credit under State usury laws or any State laws relating to disclosure of information in connection with credit transactions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 22 February 1984

   Reported

   Committee on Banking ordered to be reported an original measure.

   Source: Committee

2. 23 February 1984

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 676.

   Source: Calendars

3. 23 February 1984

   Reported

   Committee on Banking. Original measure reported to Senate by Senator Garn. Without written report.

   Source: Committee

4. 23 February 1984

   Reported

   Committee on Banking. Original measure reported to Senate by Senator Garn. Without written report.

   Source: Committee

5. 23 February 1984

   Introduced

   Introduced in Senate

   Source: IntroReferral

6. 28 February 1984

   Passed

   Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

   Source: Floor

7. 28 February 1984

   Floor

   Considered by Senate.

   Source: Floor

8. 29 February 1984

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

9. 15 March 1984

   Referred

   Referred to Subcommittee on Consumer Affairs and Coinage.

   Source: Committee

10. 27 March 1984

    Committee

    Subcommittee Hearings Held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Passed Senate amended

  summary · EN · 28 February 1984

  Open at official source

• Introduced in Senate

  summary · EN · 23 February 1984

  Open at official source

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Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• · hsba00 · Standing
• · ssbk00 · Standing

Related records

• related to → A bill to provide for the temporary extension of the ban on credit card surcharges.
• amends ← To provide that, within three years of the effective date of the Act, any State may enact a prohibition of or additional limitation upon any transaction involving a difference in price which is otherwise subject to the provisions of section 167 or 171 of the Act.
• amends ← To make permanent the moratorium prohibiting credit card surcharges.